September 30, 2011

Thermon Holding
Corp. (Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company and US
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-guarantors)

Eliminations

Consolidated

Assets

Current assets:

Cash and cash equivalents

$

—

$

—

$

5,974

$

7,218

$

—

$

13,192

Accounts receivable, net

—

—

28,868

32,300

(13,521

)

47,647

Inventories, net

—

—

19,418

18,617

(2,358

)

35,677

Costs and estimated earnings in excess of billings on uncompleted contracts

—

—

1,626

299

—

1,925

Income taxes receivable

—

—

8,590

(481

)

—

8,109

Prepaid expenses and other current assets

—

—

1,066

5,768

728

7,562

Deferred Income taxes

—

—

966

921

—

1,887

Total current assets

—

—

66,508

64,642

(15,151

)

115,999

Property, plant and equipment, net

—

—

18,223

5,848

—

24,071

Goodwill

—

—

47,391

68,811

—

116,202

Intangible assets, net

1,205

—

74,940

72,389

—

148,534

Debt Issuance costs, net

—

7,809

—

—

—

7,809

Intercompany loans

130

—

(130

)

—

Investment in subsidiaries

100,043

238,175

106,281

—

(444,499

)

—

$

101,248

$

245,984

$

313,473

$

211,690

$

(459,780

)

$

412,615

Liabilities and shareholder’s equity

Current liabilities:

Accounts payable

$

—

$

—

$

11,961

$

17,511

$

(10,396

)

$

19,076

Accrued liabilities

—

5,364

6,774

8,262

(1,940

)

18,460

Obligations in settlement of the CHS Transactions

—

—

3,687

—

—

3,687

Borrowings under revolving lines of credit

—

6,500

—

—

—

6,500

Billings in excess of costs and estimated

—

—

2,001

425

—

2,426

Intercompany loans

(67,301

)

92,064

(23,608

)

160

(1,315

)

—

Total current liabilities

(67,301

)

103,928

815

26,358

(13,651

)

50,149

Long-term debt, net of current maturities

—

143,410

—

—

—

143,410

Deferred Income taxes

—

—

31,128

16,875

—

48,003

Other noncurrent liabilities

—

—

1,431

513

—

1,944

Shareholder’s equity

168,549

(1,354

)

280,099

167,944

(446,129

)

169,109

$

101,248

$

245,984

$

313,473

$

211,690

$

(459,780

)

$

412,615

March 31, 2011

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company
and US
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Assets

Current assets:

Cash and cash equivalents

$

—

$

—

$

41,829

$

9,187

$

—

$

51,016

Accounts receivable, net

—

—

22,613

31,175

(13,775

)

40,013

Inventories, net

—

—

14,426

18,461

(1,769

)

31,118

Costs and estimated earnings in excess of billings on uncompleted contracts

—

—

1,816

247

—

2,063

Income taxes receivable

—

—

2,001

461

—

2,462

Prepaid expenses and other current assets

620

—

1,065

5,402

546

7,633

Deferred Income taxes

—

—

2,254

525

—

2,779

Total current assets

620

—

86,004

65,458

(14,998

)

137,084

Property, plant and equipment, net

—

—

15,257

6,429

—

21,686

Goodwill

—

—

47,391

73,359

—

120,750

Intangible assets, net

1,332

—

77,860

79,864

—

159,056

Debt Issuance costs, net

—

11,573

—

—

—

11,573

Other noncurrent assets

—

—

633

—

—

633

Intercompany loans

130

—

(130

)

—

Investment in subsidiaries

105,738

226,904

100,848

—

(433,490

)

—

$

107,690

$

238,477

$

328,123

$

225,110

$

(448,618

)

$

450,782

Liabilities and shareholder’s equity

Current liabilities:

Accounts payable

$

—

$

—

$

10,713

$

19,308

$

(11,448

)

$

18,573

Accrued liabilities

—

9,023

7,554

13,500

(1,105

)

28,972

Current portion of longterm debt

—

21,000

—

—

—

21,000

Borrowing under revolving lines of credits

—

—

—

2,063

—

2,063

Billings in excess of costs and estimated Earnings on uncompleted contracts

—

—

1,119

(9

)

—

1,110

Income taxes payable (receivable)

—

—

4,427

3,507

—

7,934

Obligations in settlement of the CHS Transactions

—

—

4,213

—

—

4,213

Intercompany payables

(18,592

)

10,167

9,580

197

(1,352

)

—

Total current liabilities

(18,592

)

40,190

37,606

38,566

(13,905

)

83,865

Long-term debt, net of current maturities

—

189,000

—

—

—

189,000

Deferred Income taxes

—

—

31,134

18,675

—

49,809

Other noncurrent liabilities

—

—

1,298

528

—

1,826

Shareholder’s equity

126,282

9,287

258,085

167,341

(434,713

)

126,282

$

107,690

$

238,477

$

328,123

$

225,110

$

(448,618

)

$

450,782

Three Months Ended September 30, 2011

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

36,626

$

45,813

$

(14,416

)

$

68,023

Cost of sales

—

—

24,434

26,139

(14,501

)

36,072

Gross profit

—

—

12,192

19,674

85

31,951

Operating expenses:

Marketing, general and administrative and engineering

58

(1

)

6,480

8,150

—

14,687

Amortization of other intangible assets

64

—

1,461

1,353

—

2,878

Income (loss) from operations

(122

)

1

4,251

10,171

85

14,386

Other income/(expenses):

Equity in earnings of subsidiaries

4,445

6,710

3,517

—

(14,672

)

—

Interest income

—

—

1

75

—

76

Interest expense

—

(4,886

)

(32

)

(112

)

—

(5,030

)

Loss on retirement of debt

—

(2,336

)

—

—

—

(2,336

)

Miscellaneous income/(expense)

—

—

1,743

(2,916

)

—

(1,173

)

Income (loss) before provision for income taxes

4,323

(511

)

9,480

7,218

(14,587

)

5,923

Income tax expense (benefit)

—

—

71

1,996

42

2,109

Net income (loss)

$

4,323

$

(511

)

$

9,409

$

5,222

$

(14,629

)

$

3,814

Six Months Ended September 30, 2011

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

74,500

$

90,638

$

(32,497

)

$

132,641

Cost of sales

—

—

49,119

51,490

(31,908

)

68,701

Gross profit

—

—

25,381

39,148

(589

)

63,940

Operating expenses:

Marketing, general and administrative and engineering

6,515

7,860

14,377

15,551

—

44,303

Amortization of other intangible assets

128

—

2,921

2,714

—

5,763

Income (loss) from operations

(6,643

)

(7,860

)

8,083

20,883

(589

)

13,874

Other income/(expenses):

Equity in earnings of subsidiaries

6,000

20,022

9,571

—

(35,593

)

—

Interest income

—

—

21

146

—

167

Interest expense

—

(11,589

)

(35

)

(196

)

—

(11,820

)

Loss on retirement of debt

—

(2,966

)

—

—

—

(2,966

)

Miscellaneous income/(expense)

—

—

3,648

(4,835

)

—

(1,187

)

Income (loss) before provision for income taxes

(643

)

(2,393

)

21,288

15,998

(36,182

)

(1,932

)

Income tax expense (benefit)

—

—

(4,864

)

4,266

(182

)

(780

)

Net income (loss)

$

(643

)

$

(2,393

)

$

26,152

$

11,732

$

(36,000

)

$

(1,152

)

Three Months Ended September 30, 2010

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

29,400

$

47,801

$

(13,750

)

$

63,451

Cost of sales

—

—

19,937

31,934

(13,752

)

38,119

Gross profit

—

—

9,463

15,867

2

25,332

Operating expenses:

Marketing, general and administrative and engineering

116

—

6,730

7,125

—

13,971

Amortization of other intangible assets

26

—

2,265

4,009

—

6,300

Income (loss) from operations

(142

)

—

468

4,733

2

5,061

Other income/(expenses):

Equity in earnings of subsidiaries

(1,654

)

3,233

1,456

—

(3,035

)

—

Interest income

—

—

—

2

—

2

Interest expense

—

(5,562

)

(98

)

(27

)

—

(5,687

)

Miscellaneous income/(expense)

(1

)

—

1,132

(2,069

)

—

(938

)

Income (loss) before provision for income taxes

(1,797

)

(2,329

)

2,958

2,639

(3,033

)

(1,562

)

Income tax expense (benefit)

—

—

(1,173

)

1,408

—

235

Net income (loss)

$

(1,797

)

$

(2,329

)

$

4,131

$

1,231

$

(3,033

)

$

(1,797

)

For the Period From April 1, 2010 Through April 30, 2010 (Predecessor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

8,621

$

8,342

$

(3,900

)

$

13,063

Cost of sales

—

—

5,223

5,027

(3,803

)

6,447

Gross profit

—

—

3,398

3,315

(97

)

6,616

Operating expenses:

Marketing, general and administrative and engineering

—

—

2,304

1,959

—

4,263

Amortization of other intangible assets

—

—

38

177

—

215

Income (loss) from operations

—

—

1,056

1,179

(97

)

2,138

Other income/(expenses):

Equity in earnings of subsidiaries

7,689

11,780

(307

)

—

(19,162

)

—

Interest income

—

—

1

6

—

7

Interest expense

(1,245

)

—

(3,404

)

(1,580

)

—

(6,229

)

Miscellaneous income/(expense)

(6,711

)

(3,080

)

(2,076

)

(1,750

)

—

(13,617

)

Income (loss) before provision for income taxes

(267

)

8,700

(4,730

)

(2,145

)

(19,259

)

(17,701

)

Income tax expense (benefit)

—

—

(17,063

)

(341

)

(30

)

(17,434

)

Net income (loss)

$

(267

)

$

8,700

$

12,333

$

(1,804

)

$

(19,229

)

$

(267

)

For the Period From May 1, 2010 Through September 30, 2010

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

47,586

$

74,419

$

(21,041

)

$

100,964

Cost of sales

—

—

34,066

50,384

(20,988

)

63,462

Gross profit

—

—

13,520

24,035

(53

)

37,502

Operating expenses:

Marketing, general and administrative and engineering

194

—

11,256

11,072

—

22,522

Amortization of other intangible assets

79

—

3,775

7,572

—

11,426

Income (loss) from operations

(273

)

—

(1,511

)

5,391

(53

)

3,554

Other income/(expenses):

Equity in earnings of subsidiaries

(8,173

)

3,546

2,430

—

2,197

—

Interest income

—

—

—

3

—

3

Interest expense

—

(11,344

)

(150

)

(37

)

—

(11,531

)

Miscellaneous income/(expense)

(5,524

)

(461

)

2,685

(3,360

)

—

(6,660

)

Income (loss) before provision for income taxes

(13,970

)

(8,259

)

3,454

1,997

2,144

(14,634

)

Income tax expense (benefit)

—

—

(2,388

)

1,737

(13

)

(664

)

Net income (loss)

$

(13,970

)

$

(8,259

)

$

5,842

$

260

$

2,157

$

(13,970

)

Six Months Ended September 30, 2011

Thermon
Holding, Corp.
(Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Net cash provided by (used in) operations

$

504

$

(18,715

)

$

1,833

$

1,584

$

12

$

(14,782

)

Investing activities

Purchases of P.P.&E.

—

—

(4,140

)

(127

)

—

(4,267

)

Cash paid for Thermon

—

—

(372

)

—

—

(372

)

Net cash provided by (used in) investing activities

—

—

(4,512

)

(127

)

—

(4,639

)

Financing activities

Payments on Senior Secured Notes

—

(66,590

)

—

—

—

(66,590

)

Proceeds from revolving lines of credit

—

6,500

—

—

—

6,500

Payments on revolving lines of credit

—

—

—

(2,063

)

—

(2,063

)

Capital contributions

48,709

—

—

—

—

48,709

Premiums paid on redemption of Senior Secured Notes

—

(3,596

)

—

—

—

(3,596

)

Change in affiliate debt

(49,213

)

82,401

(33,176

)

—

(12

)

—

Net cash provided by (used in) financing activities

(504

)

18,715

(33,176

)

(2,063

)

(12

)

17,040

Effect of exchange rates on cash and cash equivalents

—

—

—

(1,363

)

—

(1,363

)

Change in cash and cash equivalents

—

(35,855

)

(1,969

)

—

(37,824

)

Cash at beginning of period

—

—

41,829

9,187

—

51,016

Cash at End of period

$

—

$

—

$

5,974

$

7,218

$

—

$

13,192

For the Period from May 1, 2010 to September 30, 2010 (Successor)

Thermon
Holding, Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S. Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Net cash provided by (used in) operations

$

(5,912

)

$

(868

)

$

5,002

$

8,616

$

(210

)

$

6,628

Investing activities

Purchase of P.P.&E

—

—

(864

)

(265

)

—

(1,129

)

Cash paid for Thermon

(172,631

)

(145,417

)

4,156

—

—

(313,892

)

Net cash provided by (used in) investing activities

(172,631

)

(145,417

)

3,292

(265

)

—

(315,021

)

Financing activities

Proceeds from Senior Secured Notes

—

210,000

—

—

—

210,000

Proceeds from revolving line of credit

—

—

2,000

2,599

—

4,599

Payments on revolving lines of credit

—

—

(2,000

)

(2,204

)

—

(4,204

)

Capital contributions

129,252

—

—

—

—

129,252

Debt issuance costs

—

(15,473

)

—

—

—

(15,473

)

Change in affiliate debt

49,291

(48,242

)

(4,132

)

2,873

210

—

Net cash provided by (used in) financing activities

178,543

146,285

(4,132

)

3,268

210

324,174

Effect of exchange rates on cash and cash equivalents

—

—

—

(118

)

—

(118

)

Change in cash and cash equivalents

—